Schumpeter, Equilibrium, and Growth
The following passage, from Art Diamond’s EH.Net review of Joseph A. Schumpeter: A Theory of Social and Economic Evolution by Esben Sloth Andersen, caught my eye.
The following passage, from Art Diamond’s EH.Net review of Joseph A. Schumpeter: A Theory of Social and Economic Evolution by Esben Sloth Andersen, caught my eye.
It is admitted by Marx that separate commodities exchange with each other either over or under their value according as the share of constant capital employed in their production is above or below the average.
Scott Olsen, 24, a former U.S.
[This article is excerpted from volume 2, chapter 11 of An Austrian Perspective on the History of Economic Thought (1995). An MP3 audio file of this chapter, narrated by Jeff Riggenbach, is available for download.]
“Alienation,” to Marx, bears no relation to the fashionable prattle of late-20th-century Marxoid intellectuals. It did not mean a psychological feeling, of anxiety or estrangement, which could somehow be blamed on capitalism, or on cultural or sexual “repression.” Alienation, for Marx, was far more fundamental, more cosmic.
“Without question, the legal system is the one facet of society that supposedly requires State provision. Even such champions of laissez-faire as Milton Friedman and Ludwig von Mises believed a government must exist to protect private property and define the “rules of the game.” However, their arguments focused on the necessity of law itself. They simply assumed that the market is incapable of defining and protecting property rights. They were wrong. I argue that the elimination of the State will not lead to lawless chaos.
[Organized Crime: The Unvarnished Truth About Government • By Thomas J. DiLorenzo • Mises Institute, 2012 • xi + 219 pages]